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Council auditor recommends aligning debt budgeting with issuance, proposes code change to send savings to PAYGO
Summary
The council auditor presented multi-year debt-budget variances and recommended aligning budget assumptions with typical issuance terms (25–30 years), excluding principal when not due, and considering a municipal-code change to route debt-service savings toward PAYGO rather than new debt.
The Doge committee spent a substantial portion of its meeting on a council-auditor review of how the city budgets for debt and where recent savings have accumulated.
"Consider budgeting and projecting based on 30 or 25 years rather than that 20 year when in general they are doing 30 year increments," Kim Taylor, the council auditor, told the committee as she laid out multi-year variances between debt-service budgets and actuals. Taylor said the variances include a $22 million positive variance tied to a 2022 refinancing and more recent annual variances of roughly $6 million, $7.8 million and $10.3 million…
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